The self-employed – also known as freelancers or freelancers – are among the risk groups in the credit market. You cannot offer the most important loan security: a secure and regular income from work. Your income depends on the order situation and can of course fluctuate greatly. Phases with low income alternate with phases with high income. This can lead to problems with repayment and is therefore viewed critically by the banks.
Even if self-employment flourishes, freelancers always run the risk of going bankrupt – if, for example, a major customer does not pay his bills. The banks are aware of these specific risks and are reluctant to lend to the self-employed . This “reluctance” can become very problematic for those affected and may endanger their existence if, for example, they lack the money to implement a large order.
Special loans for freelancers
If you want to take out a loan as a freelancer or freelancer, you should look around for special loans for the self-employed. Although they are a little more expensive, they are also tailored to the specifics of the target group. Loans for freelancers offer flexible repayment terms; if necessary, borrowers can deviate from the fixed monthly installment payment, take a repayment break, reduce the installments or make special repayments. This suits their fluctuating income very well and reduces the risk of default.
In the course of the credit check, the banks regularly request a business evaluation. Based on the bills of the past three years, they would like to get an idea of the financial performance of the prospect. As a rule, self-employment must exist for at least three years and be successful, otherwise there is usually no approval.
Avoid additional costs
Although some banks offer special loans for the self-employed, the target group for the banking industry remains problematic. In order to compensate for the increased credit default risk in this market segment, the banks like to add a few percent to the loan interest for freelancers or insist on taking out expensive residual debt insurance. On average, loans for the self-employed are somewhat more expensive than financing for ordinary workers.
If you don’t want to pay more than absolutely necessary, you should carry out a loan comparison to determine the cheapest offers. Individual banks always trade against the market standard and offer really cheap loans for freelancers, you just have to find them.